The stock was trading up 3% to $16.86 at last check.
Goldman also increased its price target on the stock of the enterprise storage company to $21 from $18, according to Bloomberg, which was in line with the analyst consensus.
Goldman cited "prospects of market share gains given its new products and mid-market exposure," Bloomberg said. Goldman also sees the stock "as relatively undervalued" vs. its peers and sees "potential for the multiple to re-rate in the future as execution gets better."
Public Storage has 19 buys, 5 holds and zero sells, according to Bloomberg data.